Cryptocurrencies and Non Fungible Tokens (NFTs) are an increasingly used way to trade and invest. These types of assets represent extremely modern options for those who dare to venture into this niche.

Cryptocurrencies have a great variety both in their price and in their abundance (quantity issued). Among the most well-known cryptocurrencies we can mention: Bitcoin, Ethereum, and Tether stand out. These cryptocurrencies aim to eliminate decentralization, eliminating the need for third party intermediaries such as banks.

On the other hand, Non Fungible Tokens (NFT’s) are an attractive option for users looking to collect a unique and irreplicable token. This is because an NFT is a token that is not fungible, i.e. it cannot be replaced by another token with the same value or meaning, which causes it to acquire value, since it becomes subject to ownership. The opposite would be the case with cryptocurrencies, which are characterized by being abundant and fungible.

In this regard, it should be known that Costa Rican legislation is currently applying a policy of tolerance to both cryptos and NFTs. This means that it is possible to trade cryptocurrencies and NTF’s, since they are not expressly regulated by the Central Bank of Costa Rica. However, it is possible that as the frequency and popularity with which this type of technology is used increases, a specific regulation will emerge.

Having said the above, it is currently possible to carry out transactions and contracts in which cryptocurrencies and NFT’s are used, therefore, since there is no specific regulation on the subject, it is important that you have adequate advice that will allow you to protect your interests.

Likewise, it is important to mention that since it is not expressly prohibited, people have the possibility of creating new companies to carry out activities and businesses with this new technology, so it is important to know that you must comply with the procedure established for the registration of a company before the National Registry, Ministry of Finance and comply with the obligations that every company has, such as the annual payment of the Tax of Legal Entities and the Declaration and Registration of Transparency of Beneficial Owners. This requires the advice and support of a legal team to help you structure your company according to your needs.

If you require advice on this new matter, ERP Lawyers has a highly trained team ready to assist you. Do not hesitate to contact us at info@erplawyers.com.